I'm a reporter on Forbes' markets desk, covering markets news, investing and personal finance. Prior to Forbes, I covered savings and credit at Money magazine and have also enjoyed short stints at CNNMoney and digital news start-up Kicker. Email me at lgensler@forbes.com.

And the 68 million Americans who aren’t part of the traditional banking system are into the idea too. Roughly three quarters say they’d be likely to use lower-cost postal products if they were available, according to a new survey from the nonpartisan, nonprofit Pew Charitable Trusts.

For many of these households, the USPS might offer an attractive alternative to the pricey financial services they now shell out for— payday loans with 300% interest rates, check cashing services that cost $6 and more and prepaid debit cards that nickel and dime you every step of the way.

“There is a market for those who use alternative financial services or are unbanked currently,” says Pew’s Alex Horowitz, who led the survey.

This market includes the 8% of U.S. households that are totally cut off from the mainstream financial system (the so-called “unbanked”) and another 20% of households that have a bank account but still go to pawn shops, payday lenders and the like.

The USPS Office of Inspector General first made the case for expanding into financial services this January, calling itself “well positioned” to meet the needs of underserved Americans. It didn’t take long for the idea to garner attention from high-profile legislators like Sen. Elizabeth Warren, (D-Mass), who joined other lawmakers and experts at a Pew conference Wednesday to debate the merits and pitfalls.

There’s consensus on the easy part: the problem. Most people agree that an astounding number of Americans live outside the mainstream financial system and this often has a negative impact on their financial lives and futures. In total, they comprise a quarter of US households and spend tens of billions on fees and interest each year. To put this in perspective, Warren likes to point out that these Americans spend as much money on financial services as they do on food, which is to say they spend $2,412 a year per household, or roughly 10% of their income.

Clearly the big question that remains is whether the post office is the right vehicle for delivering change.

Postal services in dozens of other countries, including Japan, Switzerland and the UK, already do it. Many make big money from it. The USPS itself offered a savings program for over fifty years, but discontinued it in 1967.

One thing the post office has going for it is an extensive brick-and-mortar network, with over 30,000 locations in nearly every zip code. While there are three times as many bank branches, they don’t cover as many zip codes. In Montana, as in many rural places, “you can find yourself more than 75 miles from the nearest bank branch,” but close to two or three post offices, says Pew’s Clint Key. There’s a term for this: bank desert. Indeed, Pew found that 10% of census tracts (neighborhoods, essentially) don’t have a bank branch within five miles, but most do have a post office close by.

In certain areas, like rural Montana, post offices are more evenly distributed than banks. (Source: The Pew Charitable Trusts)

The problem is getting worse, not better, for America’s underserved families. Since 2008, 93% of bank branch closings have been in zip codes with below-national median household income levels. Meanwhile, banks have been opening branches in areas with median incomes above $100,000.

The post office also touts its trusted brand, saying consumers who walk in to any location would know they were getting safe, simple financial products. A Pew finding shows that 71% of people view the US Postal Service favorably, compared to 9% for payday lenders, 21% for check cashiers and 56% for banks.

“This is an opportunity for the post office to use its space and its employees more efficiently to bring needed services to more Americans,” said Warren.

If the post office were to get into banking, it wouldn’t just be out of the goodness of its heart. It estimates a revenue of $8.9 billion each year. If true, this is a big deal for an agency in crisis. The post office loses money every year. Thanks to the internet, mail volume has plunged 22% over the last five years. Meanwhile, the USPS is struggling with a Congressional edict that it pre-fund employee benefits.

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A very interesting story and perhaps an opportunity to bring new revenue to the United States Postal Service. However, a number of concerns come to mind.

The private sector does provide services to the “unbanked,” yet is facing, increased regulatory scrutiny from Federal and State regulators. Will the USPS, known for inefficiencies, face the same scrutiny? Will the post office, already considering trimming hours, be open “after work” or Saturday, when the “unbanked” have the time to “bank?” Access and convenience are significant influencers when people select a bank. Wal-Mart and Pay Day lenders win there.

Will the postal workers handing the “unbanked” needs remain unionized? Or will that added union cost be passed on to the consumer?

Consumers of all economic echelons are seeking more mobile banking services. Banking is something we do, not a place we go. The mistake we often make in financial services, is to look at people at the base of the economic pyramid and assume that they need the same types of banking services we require.

The unbanked need advice and guidance and most certainly, the USPS is ill-suited for this. I’d rather we find ways to get these people “un-unbanked”, so they don’t need to live paycheck to paycheck. Other than having under-utilized facilities, I don’t see the postal system as being an answer to the unbanked, nor do I see the postal service being saved by the unbanked.

Eliminating private banking altogether would probably be the best way to protect us from the economy destroying powers of large banks (see The Great Financial Crisis of 2008). Short of that, at least 80% of Americans would welcome banking services through the US Post Office branches. Of course that would cut into the business and power of the Financial Services industry, which is why lobbyists are being paid to try their damnedest to stop it!